Bitcoin Hovers Near $64K Resistance Ahead of FOMC Minutes, Labor Data

Bitcoin (BTC) rose 2.7% over the weekend to $63,700, lifting the total crypto market cap to $2.26 trillion. The move lacked a clear catalyst, though traders attributed it to short covering ahead of Wednesday's release of the Federal Reserve's June meeting minutes.

The July 8 minutes carry unusual weight because they are the first under Chair Kevin Warsh, who has taken a harder rhetorical line on inflation than his predecessor. Traders are still calibrating what that means for the rate path. A hawkish read, confirming the committee sees persistent price pressures, would push rate-cut expectations further into 2026, a negative for risk assets including crypto. A softer tone, or language that leaves room for cuts later this year, would likely extend the Bitcoin bounce.

Friday's nonfarm payrolls report adds another layer. Economists expect continued moderation in job creation. The real focus will be average hourly earnings. A hot wage print would reinforce a hawkish FOMC read. A cool one would give the doves something to work with.